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  Trade your ARM for A Fixed Rate in Savannah, Georgia
By switching to a fixed-rate loan, you will not only reduce your payment, you will also likely lock in an attractive rate for as long as you own your home.
In fact, while one-year ARMs currently offer tempting introductory rates, most experts recommend avoiding them because you could easily find yourself facing sharply higher payments in the near future, even if interest rates don't rise. Why? Well, after the introductory rate expires, ARMs are typically tied to the Prime or LIBOR rates with increases of as much as two points a year. Assuming interest rates don't change, you could pay 3 or 4 points higher than what your starter rate is.
There are certain cases, however, where an ARM makes sense. If you are sure you will be moving within five years, you can save some money and avoid rising payments with an ARM.
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